Global Equity Views 1Q 2019

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Themes and implications from the Global Equity Investors Quarterly

•  After a year of weak returns and an environment in which traditional style factors underperformed, many of our investors now see an above-average level of opportunity across areas of global stock markets.
• While earnings forecasts are coming down across the globe, revisions are modest in magnitude so far. Profits are still growing, and the modest deterioration in expectations has, in our view, been more than offset by the large drop in stock prices since October.
• Our Value team is finally seeing more constructive opportunities, including investing in financials and small caps; our emerging markets investors are expecting improved returns ahead after a difficult year for the region, though much depends on China.